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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Financial Institutions Legislation (Amendment) Act
1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 1
PART 2--AMENDMENT OF BUILDING SOCIETIES ACT 1986 3
3. Amendment of definition of "building society" 3
4. Abolition of Building Societies General Reserve Fund 3
5. Transitional for abolished fund 3
12. Transitional for certain funds 3
6. Statute law revision 4
PART 3--AMENDMENT OF CO-OPERATIVE HOUSING
SOCIETIES ACT 1958 5
7. Effect of merger 5
8. Effect of transfer of engagements 5
9. Transitional for certain documents 5
18A. References to documents 5
PART 4--AMENDMENT OF FINANCIAL INSTITUTIONS
(VICTORIA) ACT 1992 6
10. Conferral of jurisdiction on Queensland Supreme Court
withdrawn 6
11. Abolition of Building Societies Liquidity Support Fund 6
12. Transitional for abolished fund 6
81A. Transitional for certain funds 6
NOTES 8
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Clause Page
THIS PAGE IS TO BE MASKED
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s. 2
PARLIAMENT OF VICTORIA
A BILL
to amend the Building Societies Act 1986, the Co-operative Housing
Societies Act 1958 and the Financial Institutions (Victoria) Act
1992 and for other purposes.
Financial Institutions Legislation
(Amendment) Act 1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Building
Societies Act 1986, the Co-operative Housing
5 Societies Act 1958 and the Financial Institutions
(Victoria) Act 1992.
2. Commencement
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Financial Institutions Legislation (Amendment) Act 1997
Act No.
This Act comes into operation on the day on
which it receives the Royal Assent.
_______________
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Financial Institutions Legislation (Amendment) Act 1997
s. 3
Act No.
PART 2--AMENDMENT OF BUILDING SOCIETIES ACT
1986
3. Amendment of definition of "building society"
In section 3 of the Building Societies Act 1986,
5 in the definition of "building society" omit all
words and expressions after "incorporated under
this Act".
4. Abolition of Building Societies General Reserve Fund
No. 8/1986.
Sections 25D and 25F of the Building Societies
Reprint No. 1
10 Act 1986 are repealed. as at 23
December
1992.
5. Transitional for abolished fund
After section 11 of the Building Societies Act
1986 insert--
"12. Transitional for certain funds
15 (1) Amounts standing to the credit of the
Building Societies General Reserve Fund
immediately before the commencement of
section 4 of the Financial Institutions
Legislation (Amendment) Act 1997 form
20 part of the Supervision Fund established
under section 41 of the Financial
Institutions (Victoria) Act 1992.
(2) Any amounts that, but for the repeal of
sections 25D and 25F of the Building
25 Societies Act 1986, would have been
required to be paid into or out of the
Building Societies General Reserve Fund are
assets of the Supervision Fund established
under section 41 of the Financial
30 Institutions (Victoria) Act 1992 or, to the
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Financial Institutions Legislation (Amendment) Act 1997
s. 6
Act No.
extent of the sum of the amounts referred to
in sub-section (1), liabilities of that Fund.".
6. Statute law revision
In section 3 of the Building Societies Act 1986,
5 the definitions of "Registrar", "Reserve Board"
and "rules" are repealed.
_______________
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Financial Institutions Legislation (Amendment) Act 1997
s. 7
Act No.
PART 3--AMENDMENT OF CO-OPERATIVE HOUSING
SOCIETIES ACT 1958
7. Effect of merger
No. 6226.
After section 17(d) of the Co-operative Housing
Reprint No. 5
5 Societies Act 1958 insert-- as at 1
October 1992.
"and Further
amended by
(e) in all documents (including, for example, a Nos 91/1994,
43/1995 and
contract to which a society that is a party to
43/1997.
the merger was a party), a reference to a
10 society that was a party to the merger is a
reference to the merged society.".
8. Effect of transfer of engagements
After section 18(d) of the Co-operative Housing
Societies Act 1958 insert--
15 "(e) in all documents (including, for example, a
contract to which the transferor society was a
party), a reference to the transferor society is
a reference to the transferee society.".
9. Transitional for certain documents
20 After section 18 of the Co-operative Housing
Societies Act 1958 insert--
"18A. References to documents
A reference in section 17(e) or 18(e) to a
document includes a reference to a document
25 created or amended before the
commencement of section 9 of the Financial
Institutions Legislation (Amendment) Act
1997 in which there is a reference to a
society that was a party to a merger on or
30 after 1 July 1992 or to a transfer of
engagements on or after that date.".
_______________
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Financial Institutions Legislation (Amendment) Act 1997
s. 10
Act No.
PART 4--AMENDMENT OF FINANCIAL INSTITUTIONS
(VICTORIA) ACT 1992
10. Conferral of jurisdiction on Queensland Supreme
Court withdrawn
No. 48/1992.
5 Sections 14 and 15 of the Financial Institutions
Amended by
(Victoria) Act 1992 are repealed.
Nos 79/1992,
31/1994,
54/1994,
11/1995,
19/1995,
83/1996 and
43/1997.
11. Abolition of Building Societies Liquidity Support
Fund
Section 76 of the Financial Institutions
10 (Victoria) Act 1992 is repealed.
12. Transitional for abolished fund
After section 81 of the Financial Institutions
(Victoria) Act 1992 insert--
"81A. Transitional for certain funds
15 (1) Amounts standing to the credit of the
Building Societies Liquidity Support Fund
immediately before the commencement of
section 11 of the Financial Institutions
Legislation (Amendment) Act 1997 form
20 part of the Supervision Fund established
under section 41.
(2) Any amounts that, but for the repeal of
section 76, would have been required to be
paid into or out of the Building Societies
25 Liquidity Support Fund are assets of the
Supervision Fund established under section
41 or, to the extent of the sum of the amounts
referred to in sub-section (1), liabilities of
that Fund.".
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Financial Institutions Legislation (Amendment) Act 1997
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Act No.
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Financial Institutions Legislation (Amendment) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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Financial Institutions Legislation (Amendment) Act 1997
Act No.
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